**Charity registration number 1191763**
**OXFORD EVANGELICAL PRESBYTERIAN CHURCH ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
Rev Andrew Young Rev David Pfeiffer Dr Neil Martin Rev Thomas Hutchings Mr James Horgan
(Appointed 13 June 2023) (Appointed 13 June 2023)
**Charity number** 1191763 **Principal address** Northgate Hall 18 St Michaels Street Oxford OX1 2DU
## **Independent examiner**
John Caladine FCCA CTA FCIE Caladine Limited Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF
## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Statement of cash flows|7|
|Notes to the financial statements|8 - 18|
## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
The Trustees present their annual report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the church's constitution, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
## **Objectives and activities**
The object of the Church is:
The advancement of the Christian faith for the benefit of the public in accordance with the Statement of Faith appended to our Charity constitution
Oxford Evangelical Presbyterian Church is a group of Christians committed to following Jesus Christ. As a Biblebased Church, we take the Bible as our rule of faith and practice. As an Evangelical Church, we are centred on the good news that Jesus Christ has come into the world to save people from their sins and to restore them to a relationship with God. As a Presbyterian Church, we uphold a representative form of Church government, and our beliefs and teaching are in line with our historic subordinate standard, the Westminster Confession of Faith and its associated Catechisms.
We are a friendly Church, welcoming anyone who wants to follow, or to find out about following, Jesus Christ. We meet regularly for public worship, Bible study, and prayer, as well as holding events designed to strengthen our communal life and welcome newcomers. We seek to relieve conditions of need or hardship wherever possible in line with biblical principles.
On 1 January 2022, the church became a CIO (registered charity number 1191763) and the assets and liabilities associated with its former existence as a charitable trust were transferred to the new entity. The charitable Trust continued to exist for the purpose of receiving funds from existing donors and transferring these across to the CIO.
## _Public benefit_
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the church should undertake.
## **Achievements and performance**
## _Significant activities and achievements against objectives_
The Church meets for the public worship morning and evening every Sunday and for Bible study and prayer on Thursday evenings. These meetings are usually led by our Minister, Rev Andy Young. We are thrilled to have added two new elders to the team this year. Rev Tom Hutchings and Rev Dr Neil Martin both successfully transferred their ministerial credentials into our Presbyterian denomination and were welcomed as Trustees of the charity.
The church has continued to hold events for fellowship and community-building this year including ‘bring and share’ lunches, women’s Bible studies and meet ups, men’s get-togethers, and a very-well-attended children’s holiday club.
The church also continues to be deeply involved in student ministry and outreach. After moving into the North Gate Hall in the very centre of the city, we were delighted to share the space with likeminded organisations including the Oxford Intercollegiate Christian Union (OICCU) who used it for their regular Wednesday ‘Central’ meetings. We also hosted an OICCU Alumni event which drew a large crowd of older people with memories of the building which formerly served as the home of the OICCU for 60 years from 1930-1989.
- 1 -
## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH**
## **TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
The church offered an exciting range of women’s events in 2023, directed by our Women’s worker, Robin Price, and including Bible studies, social events, and an overnight retreat. Neil Martin continues to coordinate our student programme – ‘Rooted’ – with able assistance from our part-time Associate Minister, Alberto Solano. The church also continues to actively support the work of B-Less which recruits and deploys graduate students as mentors and encouragers among undergrads.
Oxford Evangelical Presbyterian Church seeks to support those in need or hardship in various ways – materially where appropriate, and also spiritually. This year we have continued to offer practical and pastoral support to families and individuals in the church, especially those experiencing bereavement.
Since becoming a CIO in January 2022, the church has continued to mature operationally, growing in familiarity with the various policies we adopted in the previous year and guiding numerous members of the congregation through the process of DBS checking in order to serve in children’s activities.
Oxford Evangelical Presbyterian Church entered into a formal lease for the North Gate Hall on St. Michael’s Street in January 2023 and commenced services there in May. The church also successfully purchased 76 Wharton Road as a house for our minister, Andy Young, in September 2023, with Andy and his wife listed as beneficial owners with an opening stake of 3.23% which the Trustees hope to increase from time to time in the future.
## **Financial review**
Total income for the year was £609,370 (2022: £780,231) with total expenditure of £739,380 (2022: £232,502) resulting in a deficit for the year of £130,010 (2022 surplus £547,729).
Total funds at the end of the year were £413,677 (2022: £550,246) of which £346,334 is unrestricted funds (2022: £99,481) and £67,343 is restricted funds (2022: £450,765).
Restricted funds reduced substantially during the year as funds were expended on property refurbishment, ministerial costs and costs in relation to the purchase of a new Manse. Transfers from Restricted funds to Unrestricted funds were in respect of the acquisition of fixtures and equipment at the church premises and in respect of the direct costs related to the purchase of the Manse.
## _Reserves policy_
It is the policy of the church that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the church’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
## **Structure, governance and management**
The church is a Charitable Incorporated Organisation formed 12 October 2020. On the 1 January 2022 the assets and liabilities of the old unincorporated trust, Oxford Evangelical Presbyterian Church, were transferred to the new CIO.
The Trustees who served during the year and up to the date of signature of the financial statements were:
Rev Andrew Young Rev David Pfeiffer Dr Neil Martin (Appointed 13 June 2023) Rev Thomas Hutchings (Appointed 13 June 2023) Mr James Horgan
## _Recruitment and appointment of trustees_
Trustees with suitable experience are appointed by majority vote at the annual general meeting. Appropriate training and induction is given.
The day-to-day activities of the Church are carried out by the Ministers and support staff who report to the Trustees.
- 2 -
##
## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF OXFORD EVANGELICAL PRESBYTERIAN CHURCH**
I report to the Trustees on my examination of the financial statements of Oxford Evangelical Presbyterian Church (the church) for the year ended 31 December 2023.
## **Responsibilities and basis of report**
As the Trustees of the church you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the church’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the church’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the church as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## **John Caladine FCCA CTA FCIE**
Caladine Limited Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF
Dated: .........................
- 4 -
## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**Unrestricted**
**Restricted**
**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**funds**
**2023**
**2023**
**2023**
**2022**
**2022**
**Notes**
**£**
**£**
**£**
**£**
**£**
**Income from:**
Donations and legacies
**3**
365,067
244,303
609,370
256,212
524,016
Other income
**4**
-
-
-
3
-
**Total income**
365,067
244,303
609,370
256,215
524,016
**Expenditure on:**
Charitable activities
**5**
310,940
428,440
739,380
159,251
73,251
**Total expenditure**
310,940
428,440
739,380
159,251
73,251
**Net income/(expenditure)**
54,127
(184,137)
(130,010)
96,964
450,765
Transfers between
funds
**18**
199,285
(199,285)
-
-
-
**Other recognised**
**gains and losses:**
Other gains/(losses)
**11**
(6,559)
-
(6,559)
2,517
-
**Net movement in**
**funds**
246,853
(383,422)
(136,569)
99,481
450,765
**Reconciliation of funds:**
Fund balances at 1 January
2023
99,481
450,765
550,246
-
-
**Fund balances at 31**
**December 2023**
346,334
67,343
413,677
99,481
450,765|**Total**
**2022**
**£**
780,228
3|
|---|---|
||780,231|
||232,502|
||232,502|
||547,729
-
2,517|
||550,246
-|
||550,246|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 5 -
##
##
##
|**Fixed assets**
Tangible assets
**Current assets**
Debtors
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**Net current assets**
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**Net assets**
**The funds of the church**
Restricted income funds
Unrestricted funds
**Notes**
**12**
**13**
**15**
**16**
**18**
**2023**
£
63,521
135,945
199,466
(20,740)
£
854,628
178,726
1,033,354
(619,677)
413,677
67,343
346,334
413,677
.
.
\ 6'_l_O_Q,._{_2-d_'LLL-
The financial statements were approved by the Trustees on .. .. .. .. .. .. .. .. .. .. .. .. .
-\
Rev Andre
**Trustee**
·························~---·
Dr Neil Martin
**Trustee**|£
70,866
459,792
**2022**
530,658
(17,314)
£
36,902
513,344
550,246
550,246
450,765
99,481
550,246|
|---|---|
## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**2023**
**Notes**
**£**
**£**
**Cash flows from operating activities**
Cash (absorbed by)/generated from
operations
**23**
(120,943)
**Investing activities**
Purchase of tangible fixed assets
(829,167)
**Net cash used in investing activities**
(829,167)
**Financing activities**
Repayment of borrowings
100,000
Repayment of bank loans
526,263
**Net cash generated from/(used in)**
**financing activities**
626,263
**Net (decrease)/increase in cash and cash**
**equivalents**
(323,847)
Cash and cash equivalents at beginning of year
459,792
**Cash and cash equivalents at end of year**
135,945|**2022**
**£**
(37,521)
-
-|**£**
497,313
(37,521)
-
459,792
-
459,792|
|---|---|---|
- 7 -
**OXFORD EVANGELICAL PRESBYTERIAN CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
## **Charity information**
Oxford Evangelical Presbyterian Church is a Charitable Incorporated Organisation governed by a constitution dated 12 October 2020. The principal address is 76 Wharton Road, Oxford, OX3 8AJ.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the church's Constitution, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The church is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the church. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the church has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Income**
Income is recognised when the church is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the church has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the church has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 8 -
## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies (Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:
Freehold land and buildings Functional property - not depreciated Leasehold premises Over term of the lease from January 2023 Fixtures and equipment 20% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
The Freehold property represents a Church manse occupied by the Minister and in the opinion of the Trustees no depreciation is required in these accounts as any charge is considered to be not material, on the basis that the asset has either a very long useful life or a residual value, based on its current value, which is not materially different from its carrying value.
## **1.7 Impairment of fixed assets**
At each reporting end date, the church reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.9 Financial instruments**
The church has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the church's balance sheet when the church becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
- 9 -
**OXFORD EVANGELICAL PRESBYTERIAN CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies (Continued)**
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the church’s contractual obligations expire or are discharged or cancelled.
## **1.10 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the church is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.11 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2 Critical accounting estimates and judgements**
In the application of the church’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
- 10 -
## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **3 Donations and grants**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
Donations and grants
365,067
244,303
**Donations and grant**
Donations and gifts
79,644
63,793
Grants (USA)
285,423
-
Building grants (USA)
-
45,982
Ministerial grants (USA)
-
-
Gifts for Manse deposit
-
134,528
Transfer from old charity (OEPC)
-
-
365,067
244,303|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
609,370
256,212
524,016
143,437
59,196
-
285,423
100,571
-
45,982
-
353,131
-
-
142,650
134,528
-
-
-
96,445
28,235
609,370
256,212
524,016|**Total**
**2022**
**£**
780,228|
|---|---|---|
|||59,196
100,571
353,131
142,650
-
124,680|
|||780,228|
- 11 -
## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **4 Other income**
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2023**|**2022**|
|||**£**|**£**|
||Other income|-|3|
|**5**|**Expenditure on charitable activities**|||
|||**Charitable**|Charitable|
|||**activities**|activities|
|||**2023**|2022|
|||**£**|**£**|
||**Direct costs**|||
||Staff costs|110,666|69,233|
||Depreciation and impairment|11,441|619|
||Books|1,052|563|
||General office costs|2,152|487|
||Computing costs and licences|543|1,245|
||Outreach|18,447|10,208|
||Minister's housing costs|42,694|30,068|
||Pulpit supply|400|250|
||Rent of church premises|147,524|35,527|
||Church supplies and equipment|7,806|1,237|
||Property building and refurbishment|328,317|-|
||Travel|10,470|9,357|
||Training|855|965|
||Minister's conference fees & travel|1,342|2,536|
|||683,709|162,295|
||Grant funding of activities (see note 6)|6,222|11,356|
||**Share of support and governance costs (see note 7)**|||
||Support|2,458|1,811|
||Governance|46,991|57,040|
|||739,380|232,502|
||**Analysis by fund**|||
||Unrestricted funds|310,940|159,251|
||Restricted funds|428,440|73,251|
|||739,380|232,502|
- 12 -
## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **6 Grants payable**
|**7**|**Charitable**
**activities**
Charitable
activities
**2023**
2022
**£**
£
Grants to individuals
6,222
11,356
**Support costs allocated to activities**
**2023**
**2022**
**£**
**£**
Insurance
2,169
836
Bank charges
289
975
Governance costs
46,991
57,040
49,449
58,851
Analysed between:
Charitable activities
49,449
58,851
**2023**
**2022**
**Governance costs comprise:**
**£**
**£**
Legal and professional
43,211
54,880
Accountancy and Independent Examination
3,780
2,160
46,991
57,040|**Charitable**
**activities**
Charitable
activities
**2023**
2022
**£**
£
Grants to individuals
6,222
11,356
**Support costs allocated to activities**
**2023**
**2022**
**£**
**£**
Insurance
2,169
836
Bank charges
289
975
Governance costs
46,991
57,040
49,449
58,851
Analysed between:
Charitable activities
49,449
58,851
**2023**
**2022**
**Governance costs comprise:**
**£**
**£**
Legal and professional
43,211
54,880
Accountancy and Independent Examination
3,780
2,160
46,991
57,040|
|---|---|---|
|||**2022**
**£**
836
975
57,040|
|||58,851|
|||58,851|
|||**2022**
**£**
54,880
2,160|
|||57,040|
## **8 Trustees**
Rev Andrew Young, a Trustee, was paid a salary of £38,500 (2022: £41,500) plus pension contributions of £5,760 (2022: £4,140) for his role as Minister of the Church. He was also provided with living accommodation as part of his role.
Dr Neil Martin, a Trustee, was paid a salary of £18,000 (2022: £6,969).
Expenses were paid to one trustee for travel, manse costs and hospitality totalling £2,908.
## **9 Employees**
The average monthly number of employees during the year was:
||**2023**|**2022**|
|---|---|---|
||**Number**|**Number**|
|Employees|5|2|
- 13 -
## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **9 Employees (Continued)**
|**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2023**
**£**
98,700
2,656
9,310
110,666|**2022**
**£**
60,303
3,489
5,441|
|---|---|---|
|||69,233|
There were no employees whose annual remuneration was more than £60,000.
## **10 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **11 Other gains and losses**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2023**|**2022**|
|Gains/(losses) upon:|**£**|**£**|
|Foreign exchange|(6,559)|2,517|
## **12 Tangible fixed assets**
|**Freehold**
**land and**
**buildings**
**Leasehold**
**premises**
**Fixtures and**
**equipment**
**£**
**£**
**£**
**Cost**
At 1 January 2023
-
35,000
2,521
Additions
740,000
-
89,167
At 31 December 2023
740,000
35,000
91,688
**Depreciation and impairment**
At 1 January 2023
-
-
619
Depreciation charged in the year
-
1,000
10,441
At 31 December 2023
-
1,000
11,060
**Carrying amount**
At 31 December 2023
740,000
34,000
80,628
At 31 December 2022
-
35,000
1,902|**Total**
**£**
37,521
829,167|
|---|---|
||866,688|
||619
11,441|
||12,060|
||854,628|
||36,902|
- 14 -
## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **12 Tangible fixed assets (Continued)**
Freehold land and buildings represents the church manse, 76 Wharton Road, Oxford, OX3 8AJ. Under a Declaration of Trust dated 5 September 2023, the church is the legal owner of 96.77% and the Revd Andrew Young and Mrs Davinia Young the beneficial owner of 3.23%.
it is the intention each year to transfer a further equity stake to the Revd and Mrs Young for an appropriate consideration. This has not yet commenced.
## **13 Debtors**
|**13**
**Debtors**||
|---|---|
|**2023**
**Amounts falling due within one year:**
**£**
Other debtors
27,271
Prepayments and accrued income
36,250
63,521
**2023**
**Amounts falling due after more than one year:**
**£**
Prepayments and accrued income
-
**Total debtors**
63,521
**14**
**Loans and overdrafts**
**2023**
**£**
Bank loans - Kingdom Bank
526,263
Other loans - Housing Affordability Finance (HAF) Ltd
100,000
626,263
Payable within one year
6,586
Payable after one year
619,677
Amounts included above which fall due after five years:
Payable by instalments
(543,333)
Payable other than by instalments
(50,000)
(593,333)|**2022**
**£**
55,866
-|
||55,866|
||**2022**
**£**
15,000|
||70,866|
||**2022**
**£**
-
-|
||-|
||-
-|
||-
-|
||-|
- 15 -
**OXFORD EVANGELICAL PRESBYTERIAN CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **14 Loans and overdrafts (Continued)**
The Kingdom Bank Loan is secured by a fixed charge with interest charged at 5.8% on the property 76 Wharton Road, Oxford OX3 8AJ for a term of 30 years.
The loan with Housing Affordability Finance (HAF) Ltd is a second ranking loan as follows; £50,000 loan secured on the property £50,000 an equity share of 23.17% of a valuation less outstanding principal and interest of any interest bearing loans secured against the property.
The HAF loan is made for a period of 10 years to 2033. Interest on the loan of £50,000 is payable at the rate of 2% above the HAF base rate. No interest is due on the equity share loan.
## **15 Creditors: amounts falling due within one year**
|**Notes**
Bank loans
**14**
Other taxation and social security
Other creditors
Accruals and deferred income
**Creditors: amounts falling due after more than one year**
**Notes**
Bank loans
**14**
Other borrowings
**14**
**Retirement benefit schemes**
**Defined contribution schemes**
Charge to profit or loss in respect of defined contribution schemes|**2023**
**£**
6,586
-
5,685
8,469
20,740
**2023**
**£**
519,677
100,000
619,677
**2023**
**£**
9,310|**2022**
**£**
-
19
3,911
13,384|
|---|---|---|
|||17,314|
|||**2022**
**£**
-
-|
|||-|
|||**2022**
**£**
5,441|
## **16 Creditors: amounts falling due after more than one year**
## **17 Retirement benefit schemes**
The church operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the church in an independently administered fund.
- 16 -
**OXFORD EVANGELICAL PRESBYTERIAN CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **18 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Balance at**
**1 January 2023**
**r**
**£**
**£**
**£**
Building fund
381,366
(49,353)
332,013
Ministerial
fund
142,650
(23,898)
118,752
Manse
Deposit Fund
-
-
-
524,016
(73,251)
450,765|**Movement in funds**
**Incoming**
**esources**
**Resources**
**expended**
**Transfers**
**Balance at**
**31 December**
**2023**
**£**
**£**
**£**
**£**
109,775
(324,814)
(88,459)
28,515
-
(79,924)
-
38,828
134,528
(23,702)
(110,826)
-
244,303
(428,440)
(199,285)
67,343|
|---|---|
## **Building Fund**
A fund set up to finance the acquisition of North Gate Hall, St Michael's Street, Oxford. This includes all legal and professional fees together with refurbishments and other building costs and eventual running costs.
## **Ministerial Fund**
A fund set up to finance the salary costs of the second minister and other support administration and ministry costs.
## **Manse Deposit Fund**
A fund to receive monies for the various costs incurred in the purchase of a Church Manse.
## **19 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|**At 1**
General funds
**Previous**
**period:**
**At 1**
General funds|**January**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**Gains and**
**losses**
**At 31**
**December**
**2023**
**£**
**£**
**£**
**£**
**£**
**£**
99,481
365,067
(310,940)
199,285
(6,559)
346,334
**January**
**2022**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**Gains and**
**losses**
**At 31**
**December**
**2022**
**£**
**£**
**£**
**£**
**£**
**£**
-
256,215
(159,251)
-
2,517
99,481|
|---|---|
- 17 -
## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **20 Analysis of net assets between funds**
|**Unrestricted**
**funds**
**Restricted**
**funds**
**Total Unrestricted**
**funds**
**Restricted**
**funds**
**2023**
**2023**
**2023**
**2022**
**2022**
**£**
**£**
**£**
**£**
**£**
Fund balances are represented by:
Tangible assets
854,628
-
854,628
36,902
-
Current assets/(liabilities)
111,383
67,343
178,726
62,579
450,765
Long term liabilities
(619,677)
-
(619,677)
-
-
346,334
67,343
413,677
99,481
450,765|**Total**
**2022**
**£**
36,902
513,344
-|
|---|---|
||550,246|
## **21 Related party transactions**
There were no related party transactions to disclose other than as shown (2022: nil).
## **22 Analysis of changes in net debt**
|**22**|**Analysis of changes in net debt**||||
|---|---|---|---|---|
|||**At 1 January**|**Cash flows At**|**31 December**|
|||**2023**||**2023**|
|||**£**|**£**|**£**|
||Cash at bank and in hand|459,792|(323,847)|135,945|
||Loans falling due within one year|-|(6,586)|(6,586)|
||Loans falling due after more than one year|-|(619,677)|(619,677)|
|||459,792|(950,110)|(490,318)|
|**23**|**Cash generated from operations**||**2023**|**2022**|
||||**£**|**£**|
||(Deficit)/surplus for the year||(130,010)|547,729|
||Adjustments for:||||
||Foreign exchange differences||(6,559)|2,517|
||Depreciation and impairment of tangible fixed assets||11,441|619|
||Movements in working capital:||||
||Decrease/(increase) in debtors||7,345|(70,866)|
||(Decrease)/increase in creditors||(3,160)|17,314|
||**Cash (absorbed by)/generated from operations**||(120,943)|497,313|
- 18 -